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AbstractStandard & Poor's Ratings Services assigned its 'AAA' rating, and stable outlook, to Oklahoma Water Resources Board's series 2007 state loan program revenue bonds and affirmed its 'AAA' rating, with a stable outlook, on the board's preexisting state loan program revenue bonds. The 'AAA' rating reflects the program's: Substantial program reserves that exceed Standard & Poor's requirements for 'AAA'-rated pools, given the expected default rates; Excellent history of borrower repayment with no loans in default; Strong financial management and program oversight; and Sound underwriting standards and strong loan requirements to local borrowers. Before this issuance, loans were not committed until after bond issuance, making the actual borrowers' overall credit quality uncertain at the time of debt issuance. In response to...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns
and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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